Season chicken thighs generously with salt and pepper on both sides.

Turn on your Instant Pot and select the Sauté function. Add vegetable oil and heat until hot.

Working in batches if necessary, add chicken thighs skin-side down and cook until browned, about 3 minutes. Flip and brown the other side for an additional 3 minutes. Transfer browned chicken to a plate.

In a mixing bowl, combine chicken broth, barbecue sauce, brown sugar, Worcestershire sauce, garlic powder, onion powder, and smoked paprika. Stir until well combined.

Add sauce mixture to the Instant Pot, scraping any browned bits from the bottom with a wooden spoon.

Return the chicken thighs to the Instant Pot, arranging them in a single layer if possible.

Secure the lid and set the pressure release valve to the sealing position. Select Manual or Pressure Cook setting and set the timer for 12 minutes on high pressure.

Once cooking is complete, allow for a 5-minute natural pressure release, then carefully turn the valve to the venting position to release remaining pressure.

Remove the chicken thighs and place them on a serving plate.

Select the Sauté function again and simmer the sauce for 3-5 minutes until it thickens. Pour the thickened sauce over the chicken thighs before serving.